18__ Obsolete Bank Note from Hagerstown Bank, Hagerstown, MD. Showing plate A. A beautifully preserved remainder graded Superb Gem New 69 PPQ (Premium Paper Quality) by PCGS, the Hagerstown Bank operated without a charter until it was granted one in 1808. Eventually the bank merged with the Hagerstown Bank & Trust Co. This attractive red and black $5 has a machine printed serial number 5383. The figures represented in the central vignette are Putti which differ from cherubs or cupids in that they do not have wings. In this case, given what they are carrying, they represent agriculture. This note was engraved by Underwood, Bald, Spencer & Huffy.
One of the most interesting types of American paper money is "obsolete currency". Defined as privately issued paper money used in United States after the Revolution and through the Civil War. The origins of obsolete currency can be traced to the staggering inflation that made the paper money issued by the Continental Congress from 1775 to 1779 virtually worthless. As they watched their Continental notes become valueless, the American public developed a mistrust of all paper money issued by the Federal Government. This attitude would prevail right on through the Civil War. A void was created by the lack of Federally issued currency, and in order to fill it, states, cities, banks, railroads, insurance companies, merchants of all kinds, and private individuals issued their own notes and scrip (small change notes). Please view our other on FIRE Ebay auctions. If there is something specific you need, please contact us by email or by calling. 5113cyyjflc.